UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G


                    Under the Securities Exchange Act of 1934

                              (Amendment No.  2  )*
                                            -----

                               Nektar Therapeutics
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    640268108
                               ------------------
                                 (CUSIP Number)


                                December 31, 2004
             -------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


      Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

                                [X] Rule 13d-1(b)

                                [ ] Rule 13d-1(c)

                                [ ] Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                                Page 1 of 9 Pages

- ------------------- ----------------- CUSIP No. 640268108 13G Page 2 of 9 Pages - ------------------- ----------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Columbia Wanger Asset Management, L.P. 04-3519872 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [_] Not Applicable - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES None ----------------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER OWNED BY 1,977,700 ----------------------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING None ----------------------------------------------------------------- PERSON 8 SHARED DISPOSITIVE POWER WITH 1,977,700 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,977,700 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] Not Applicable - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.4% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IA - --------------------------------------------------------------------------------

- ------------------- ----------------- CUSIP No. 640268108 13G Page 3 of 9 Pages - ------------------- ----------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON WAM Acquisition GP, Inc. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [_] Not Applicable - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES None ----------------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER OWNED BY 1,977,700 ----------------------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING None ----------------------------------------------------------------- PERSON 8 SHARED DISPOSITIVE POWER WITH 1,977,700 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,977,700 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] Not Applicable - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.4% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* CO - --------------------------------------------------------------------------------

Item 1(a) Name of Issuer: Nektar Therapeutics -------------------------------------------------------------------- Item 1(b) Address of Issuer's Principal Executive Offices: 150 Industrial Road San Carlos, CA 94070 -------------------------------------------------------------------- Item 2(a) Name of Person Filing: Columbia Wanger Asset Management, L.P. ("WAM") WAM Acquisition GP, Inc., the general partner of WAM ("WAM GP") -------------------------------------------------------------------- Item 2(b) Address of Principal Business Office: WAM and WAM GP are both located at: 227 West Monroe Street, Suite 3000 Chicago, Illinois 60606 -------------------------------------------------------------------- Item 2(c) Citizenship: WAM is a Delaware limited partnership; and WAM GP is a Delaware corporation. -------------------------------------------------------------------- Item 2(d) Title of Class of Securities: Common Stock -------------------------------------------------------------------- Item 2(e) CUSIP Number: 640268108 -------------------------------------------------------------------- Item 3 Type of Person: (e) WAM is an Investment Adviser registered under section 203 of the Investment Advisers Act of 1940; WAM GP is the General Partner of the Investment Adviser. ----------------------------------------------------------------- Page 4 of 9 Pages

Item 4 Ownership (at December 31, 2004): (a) Amount owned "beneficially" within the meaning of rule 13d-3: 1,977,700 ----------------------------------------------------------------- (b) Percent of class: 2.4% (based on 83,966,223 shares outstanding as of October 29, 2004). ----------------------------------------------------------------- (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: none (ii) shared power to vote or to direct the vote: 1,977,700 (iii) sole power to dispose or to direct the disposition of: none (iv) shared power to dispose or to direct disposition of: 1,977,700 -------------------------------------------------------------------- Item 5 Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X]. -------------------------------------------------------------------- Item 6 Ownership of More than Five Percent on Behalf of Another Person: Not Applicable -------------------------------------------------------------------- Item 7 Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company: Not Applicable -------------------------------------------------------------------- Item 8 Identification and Classification of Members of the Group: Not Applicable -------------------------------------------------------------------- Item 9 Notice of Dissolution of Group: Not Applicable -------------------------------------------------------------------- Page 5 of 9 Pages

Item 10 Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Page 6 of 9 Pages

SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 9, 2005 The undersigned corporation, on the date above written, agrees and consents to the joint filing on its behalf of this Schedule 13G in connection with its beneficial ownership of the security reported herein. WAM Acquisition GP, Inc. for itself and as general partner of COLUMBIA WANGER ASSET MANAGEMENT, L.P. By: /s/ Bruce H. Lauer --------------------------------------- Bruce H. Lauer Senior Vice President and Secretary Page 7 of 9 Pages

EXHIBIT INDEX Exhibit 1 Joint Filing Agreement dated as of February 9, 2005 by and among Columbia Wanger Asset Management, L.P. and WAM Acquisition GP, Inc. Page 8 of 9 Pages

EXHIBIT 1 JOINT FILING AGREEMENT The undersigned hereby agree to the joint filing of the Schedule 13G to which this Agreement is attached. Dated: February 9, 2005 WAM Acquisition GP, Inc. for itself and as general partner of COLUMBIA WANGER ASSET MANAGEMENT, L.P. By: /s/ Bruce H. Lauer ---------------------------------------- Bruce H. Lauer Senior Vice President and Secretary Page 9 of 9 Pages